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Department of Banking and Securities Helps 4,900 Consumers Resolve Financial Complaints

12/16/2021

Harrisburg, PA - The Department of Banking and Securities responded to more than 4,900 complaints and inquiries about financial transactions, companies, and products in fiscal year 2020-2021 according to its recently released Consumer Services Annual Report.

Of the 4,909 inquiries, the most common complaint or inquiry was related to bank account/service (28%). The second most frequent complaint involved sending or receiving funds via wire transfers and money transmitters (20%). On average, complaints were resolved in under four days.

“Many financial institutions have made efforts to increase customer support over the past year; however, many consumers still face difficulty resolving issues and getting answers to some of their questions related to accounts and services,” said Secretary of Banking and Securities Richard Vague. “The department takes its commitment to financial consumer protection seriously.”  

Overall, complaint volume fell slightly compared to the prior fiscal year (4,970). The department received fewer inquiries related to mortgage forbearance and other pandemic-related assistance due to additional clarity being provided around repayment options and information about these programs.

The department’s outreach staff reached more than 14,300 consumers through 402 presentations.

The department’s Investor Education and Consumer Outreach staff works with state and local government agencies, service providers, community and trade organizations, the General Assembly, the military community, schools, and other partners to help Pennsylvanians across the commonwealth become well-informed about the financial marketplace. There are a variety of free, non-commercial programs and presentations available, or programs can be tailored to a specific group’s needs.

Anyone can ask questions or file complaints about financial transactions, companies, or services by calling 1-800-PA-BANKS (800-600-0007) or completing the online complaint form. To learn more about the Consumer Financial Protection Initiative, follow the department on Twitter and Facebook.

MEDIA CONTACT: Virginia Lucy - 717.214.6036, DoBSComm@PA.gov

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